Title: Financial aid news
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00087108/00028
 Material Information
Title: Financial aid news
Physical Description: Serial
Language: English
Creator: Office for Student Financial Affairs, University of Florida
Publisher: Office for Student Financial Affairs
Place of Publication: Gainesville, Fla.
Publication Date: Summer 2009
 Record Information
Bibliographic ID: UF00087108
Volume ID: VID00028
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.


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IJN E VW S Financial Aid
Se for Gators
Office for Student Financial Affairs Summer 2009

Student Loan Amounts: Good Advice

For a variety of economic reasons, more and
more students are relying on student loans to
help defray the ever-rising costs of a college
education. According to Forbes Magazine,
fully two-thirds of students graduate with
some form of student debt, the average of
which is $22,700.

Borrowing money for college is serious
business-like any other debt, a student loan
is a serious financial obligation that must be
repaid. Student loans can also have a long-
lasting effect on your credit rating. Damage
to your credit rating due to student loan
difficulties can greatly impact your future-
financing for cars or a home can be more
difficult to obtain. And student loans are
hard to shake; even in the case of bankruptcy,
the loans are unlikely to be forgiven.

It's important to be cautious and sensible
when making decisions about student loans.
Be realistic about how much money you'll be

making after graduation, as well as the kind
of monthly payments that you'll be able to
afford-recent graduates rarely earn the
maximum salary in their chosen field. To aid
in making your budget, the U.S. Department
of Labor has a handy website,
http: / /www.bls.gov/ooh, which catalogs
entry-level salary averages for the entire
country, organized by field.

Two good rules of thumb in figuring a
reasonable debt load:
* Limit total debt amount to the salary you
expect to make in your first year after
* Work backwards-using a budget, calculate
monthly payments you'll be able to afford
after graduation. Borrow an amount that will
yield monthly payments of around 8-10% of
your expected monthly income.

Credit CARD Act Aims to Help Students

Included in the landmark Credit Card
Accountability, Responsibility, and Disclosure
Act [CARD] of 2009, recently signed into law by
President Obama, are several protective
measures written specifically for college-age
students. These measures attempt to end
predatory lending practices targeted at
students. Among the provisions:
> Creditors may not issue credit cards to
students who have not first applied for them
> Creditors may not issue credit cards to
students with no verifiable income
> Credit lines are limited to $500 or 20% of the
student's annual income, whichever is greater
> Aggregate credit lines from all credit cards are
limited to 30% of the student's annual
income, unless there is a co-signer
> Creditors may not offer free merchandise to
college students in exchange for signing a
credit card contract, when the offer is near or
on campus.

These and other provisions of the Act aim to
limit predatory lending practices, encourage
fiscal responsibility, and increase transparency
in credit card agreements. The Act also
encourages, but doesn't require, schools to limit
the number of locations where credit card
solicitation occurs.
While some critics argue that the bill assumes
that students are incapable of making sound
financial decisions on their own, supporters
welcome the protection afforded students who
would be better off
finding other
sources of credit.
The Act goes into
effect beginning
February of 2010. I

JUNE 19, 2009
Summer A Classes End
JUNE 30, 2009
Deadline to submit a FAFSA for
any 2009-10 federal aid
JULY 1, 2008
Summer A Short-Term Loan
Repayment Deadline
AUGUST 1, 2009
Summer B/C Short-Term Loan
Repayment Deadline
AUGUST 7, 2009
Summer B & C Classes End
AUGUST 24, 2009
Fall Classes Begin


* Changes at UFS
* Academic Progress Policy
* Financial Aid & Withdrawals
* Verification Tips
* Verification Forms on the Web
* Financial Aid in the News
-The cost of not filing a FAFSA
-Student Loan Trouble: What to Do
* Watch for Financial Aid E-mail
* Direct Deposit Info
* SFA Scholarship Finder/Bulletin
* Financial Aid Q&A
* Download a Gator Aid Handbook
* Florida Bright Futures Info
* Financial Aid Addresses &
Phone Numbers
* Satellite Aid Offices

The Foundation for The Gator Nation

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Changes at UF Financial Services (UFS) 1
No more over the counter payments f'

The University Cashier Office is no longer
able to offer over-the-counter cashiering
services for student payments at Criser Hall.

After Friday, June 12, students will no
longer be able to pay with cash or debit
cards, or make over-the-counter payments
with the University Cashier. However,
students visiting Criser may still pay by
dropping checks in the 24 hour drop box
located outside the Cashier Office at S-113
Criser Hall.

UF students receiving financial aid are
required to maintain satisfactory academic
progress according to federal, state, and
institutional guidelines to continue
receiving aid. Students with an excessive
number of withdrawals from courses may
be affected.
Academic progress measures are complex.
They include a minimum, cumulative
grade point average, the number of hours
it takes a student to complete degree
objectives, and the percentage of their
hours carried and achieved within given

Despite these changes, several other
payment methods remain available to
> Payments made directly from students'
financial aid
> Free online e-check payments
> Online credit card payments (a service
fee is charged)
University Financial Services remains
open for students from 8:30 a.m. to 4:00
p.m., Monday through Friday, for students
needing assistance with their accounts.

SFA reviews the academic progress of all
federal student aid recipients each term
after grades are posted and notifies
students who don't meet minimum
requirements via e-mail with a link to an
academic progress petition on ISIS.
Affected students may appeal the denial of
financial aid due to academic progress.
SFA strongly encourages students
receiving an academic progress e-mail to
respond immediately to keep their aid
from being delayed.
Petitions are available on our forms page,
http: / /www.sfa.ufl.edu / pub /forms.html.

Financial Aid & Withdrawals

Students who officially withdraw for a term
or stop attending all courses may have to
repay all or part of the financial aid
disbursed to them in that term. Students
should also be aware that withdrawals may
affect their compliance with financial aid
satisfactory academic progress.

Students who withdraw must follow UF's
official withdrawal policy, found on the
SFA Web site,

http:/ /www.sfa.ufl.edu/ receiving/ withdraw
Official withdrawal from UF,
including withdrawal for students called
to active military service, is coordinated by
the Dean of Students Office (DSO) in 202
Peabody Hall, telephone (352) 392-1261.
More information is provided on the DSO
Web site,
http:/ /www.dso.ufl.edu/supportservices/

NEWS: Financia/Aid for Gators
Summer 2009

Be Organized
If you are asked by Student Financial
Affairs (that's us!) to verify
information you supplied on your
FAFSA by providing documentation,
be sure to respond quickly. If you
wait until you arrive at school in the
fall to bring in the requested
documents, your financial aid may
be significantly delayed.
When you receive a request for
documents, get the materials
together and mail them to SFA. The
best approach is: don't panic, just be
We recommend that you keep
track of your financial aid file status
on ISIS. When you sign on to ISIS,
click on "Financial Aid." Select "Aid
Status" under the correct year to find
out if your file is complete, or what
documents are still needed to
complete your application. Your Aid
Status page will provide a link to
each required verification form, if
any, in .pdf format.
Local IRS offices cannot provide
tax return copies or transcripts. To
get photocopies of your IRS forms:
call 1-800-829-1040. Select Option 2.
The federal IRS site is

Verification Forms
on the Web
SFA's Web site is a convenient place to
find verification forms. If your adviser
suggests it, you can download forms,
in .pdf format, from
http: / /www.sfa.ufl.edu /pub /forms.
html. You can then fill out and print
the forms yourself.

Financial Aid Academic

Progress Policy
Respond quickly to academic progress e-mails

Financial Aid in the News

Not Filing FAFSA Can Be Costly
(News from NASFAA/Forbes, June 9, 2009)
The complexity of the FAFSA, the free application for federal
student aid, may be needlessly costing students money, a study by
FinAid reports. The number of students who relied only on private
loans has jumped 27% each year in the last decade, according to
Mark Kantrowitz, the author of the study. The reason? The
daunting task of filling out the FAFSA, perhaps. The study found
that of students relying only on private loans, more than 60% of
undergraduate students (and 90% of graduate students) had failed
to fill out the FAFSA, making them ineligible for federal Stafford
loans. Opting out of subsidized federal loans can be a costly choice:
compared to private loans, which have no legal limit on the interest
rate charged, federal Stafford loans are cheaper, easier to obtain,
and have better repayment options.
Read the complete article at http: / www.forbes.com/2009 /06 /09 /fafsa-

Watch for Financial Aid
E-mail / Check GatorLink

Student Loan Trouble: What To Do
(News from NASFAA/Bankrate.com 6/9/09)
More recent grads are finding themselves behind on their
student loans, according to the Department of Education. The
recent economic turmoil, combined with rising unemployment,
has resulted in an expected default rate of nearly seven percent.
Loan default can result in a decimated credit score, garnished
wages, and lawsuits, but there are often alternatives to default.
> Talk to your lender; there may be some options. Lenders
disbursing federal loans are required to offer borrowers
deferment options and varying payment plans on a yearly
basis. Private lenders are not required to do so.
> Ask about payment plans. Your lender may be more flexible
than you might think. But you have to ask.
Read the complete article online at:
http: //www.cnbc.com/id/31185768.

The UF financial aid office uses e-mail to
send official correspondence to financial
aid applicants and recipients.
SFA sends important financial aid mail,
including financial aid award notices,
follow-up letters, verification
notifications, newsletters, and requests
for additional documentation directly to
students' GatorLink e-mail addresses.

Students should verify that their
GatorLink e-mail address is correctly
configured to receive UF business
correspondence. Students should check
GatorLink e-mail often to be sure they
get important timely financial aid
To check GatorLink configurations, go to
http:/ /www.gatorlink.ufl.edu.

Sign Up for Direct Deposit

What is direct deposit?
Direct deposit is a process by which UF
deposits your aid funds electronically into
your checking account. The process is fully
automatic. Signing up for direct deposit
ensures that your aid funds will be deposited
quickly and accurately, even if you're out of
town or unable to make it to your bank.
Can a direct deposit be made to my
UF can direct deposit to any financial
institution within the USA with electronic
funds transfer capabilities. Most banks
participate in electronic funds transfer.

Contact your bank if you have questions
about its ability to accept direct deposit.
How do you sign up?
Sign up on ISIS at www.isis.ufl.edu. Under
"Financial Services" choose "EFT Sign Up."
Authorization takes effect immediately
through ISIS. Sign up at any time during the
semester. It will not delay or affect your
financial aid.

Note: Direct Deposit is not available for the
Federal Direct PLUS Loan Program, or for
savings accounts. For more information, visit
University Financial Services, S-108 Criser
Hall, or call UFS at (352) 392-0737.

TOLL-FREE Federal Student Aid Number
Use the federal toll-free number-(1-800-433-3243)-to request a Free Application for
Federal Student Aid (FAFSA), for application status checks, duplicate Student Aid
Reports (SAR), changes to institutions listed on the SAR, and other federal aid info.

SFA Scholarship
SFA's Scholarship Finder will help
you locate all scholarship
resources at UF.
http: / /www.sfa.ufl.edu / 101 schooll

SFA Scholarship
Bulletin Board
SFAs Student Resource Center in
S-107 Criser Hall maintains
applications for scholarships sent
to us by outside donors, sorted by
deadline month.
http: / /www.sfa.ufl.edu/infoserv/r

FREE Scholarship
fastWEB: http://www.fastweb.com
College Board Scholarship Search:
http:/ /www.collegeboard.com /pay
* SFA cannot guarantee results from
sources listed here.

NEWS. Financal Aid for Gators
Summer 2009


The Foundation for The Gator Nation

Office for Student Financial Affairs
S-107 Criser Hall, P. O. Box 114025
Gainesville, FL 32611-4025
(352) 392-1275

NEWS Financial Aid for Gators is produced
once a semester by the Information/Publication
Services section of the Office for Student
Financial Affairs, to inform students about
financial aid programs and services that help
UF students meet educational costs.
Director: Karen Fooks
Associate Director: Ron Anderson
Editor: Harry Monkhorst

NEWS Financial Aid for Gators is available in
other formats for students with documented,
print-related disabilities. Contact Student
Financial Affairs' telephone line for students
with disabilities: (352) 392-1272 (V/TED);
Florida Relay Service: Dial 711; or 1-800-
392-3008 (TED). Online at: www.sfa.ufl.edu.
The University of Florida is committed to equal
treatment of students without regard to race,
creed, color, religion, age, disability, sex, sexual
orientation, marital status, national origin, political
opinions or affiliations, or veteran status.

U.S. Department of Education

Student Aid Information Center
P. O. Box 84
SWashington DC 20044-0084
S 1-800-433-3243 / 1-800-730-8913 (TTY)
Swww.ed.gov/finaid /landing.jhtml?src rt
SFederal Direct Loan Servicing
S1-800-848-0979; 1-800-848-0983 (TTY)
) WelcomePage.jsp
? Federal Direct Loan Consolidation
1-800-557-7392; 1-800-557-7395 (TTY)
http:/ /loanconsolidation.ed.gov

S"Don't Get Scammed on Your
SWay to College, and more"
studentaid.ed.gov/PORTALSWebApp /st
3 udents / english / publications.jsp

Satellite Aid
College of Dentistry
Tom Kolb
Dental Tower, D3-#19E
Health Sciences Center
(352) 273-5999

Offices Main
College of Law
Carol Huber
164 Holland Hall
(352) 273-0620

Q. I have unusual family
circumstances. What can I do?
A. Major life events can affect your
financial aid application. Check with
your financial aid advisor if any of
the following apply to you:
*Divorce of parents, or you from
your spouse
*Death of a major wage earner
*Loss of job of a major wage earner
*Loss of other income or benefits
(such as Social Security or child
support) by you, your parents, or
your spouse.
Q. If I get a private scholarship,
how does it affect my other
financial aid?
A. If you receive a private scholarship
award, the rest of your financial aid
award may be affected. Remember,
the combination of all financial aid
and scholarships cannot exceed your
"financial need." If you receive an
outside scholarship that is not listed
on ISIS under "Awards and
Disbursement," you must report the
scholarships) on the "Additional Aid

Download a Gator

Aid Handbook

The Gator Aid Handbook is a complete
guide to financial aid available at UF.
Besides containing a complete listing of
scholarships available at UF, the
Handbook provides information about:
expenses you can expect while attending
UF; the kinds of financial assistance
available at UF; how to apply for aid;
how your eligibility is determined; and
what your obligations will be when you
accept aid.
Gator Aid Handbooks are available in
two formats: pick up a print copy from
SFA's lobby (S-107 Criser), or download
it as a .pdf from SFA's publications page,
http: / / www.sfa.ufl.edu / pub / publication

Office: Student Financial Affairs S-107 Criser Hall P. O. Box 114025 Gainesville, FL 32611-4025 (352) 392-1275
College of Medicine Public Health and Health Masters in Business
Eileen Parris Professions; Nursing; Pharmacy; Administration (MBA)
M-128 Health Sciences & Veterinary Medicine Connie Reed
Mike Menefee
Center HPNP Bldg P-102-I Peabody Hall
(352) 273-7939 G208 Student Services Ctr. (353) 392-1275 (ext.3386)
(352) 273-6202

NEWS: FinancialAid for Gators
Summer 2009

Reporting" page. If you receive an
outside scholarship, check with your
financial aid adviser to find out how
or if it will affect your total package.
Q. How do I get a textbook
deferment at the UF
A. The UF Bookstore offers textbook
deferments to students who are
receiving a predetermined amount of
financial aid each semester. The UF
Bookstore establishes an amount of
credit you can use to purchase books
and supplies. These charges are
placed on your UF accounts
receivable account, then deducted
from your financial aid when your
aid is disbursed. There is no
application for a bookstore
deferment. If you are
eligible for a textbook
deferment, your
approval will be
indicated on the "View
Course Textbook
Requirements" page
through "ISIS" at

Florida Bright Futures
For information about
application, renewal requirements,
reinstatements, restorations, appeals,
summer awards, and other topics, go to the
Florida Department
of Education
Web site,
Send questions by email:
Send mail to:
Florida Department of Education
Turlington Building, Suite 1514
325 West Gaines Street
Tallahassee, FL 32399
Toll-Free Hotline: 1-888-827-2004
General Info: 1-800-366-3475

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